NAB discusses NZD/USD technical outlook and highlights the importance of a weekly close below 0.6575/80 for downside bias and a break above 0.6630/60 for upside bias.
"Monday completed a bearish daily reversal pattern after rejecting key resistance and implies that the downtrend bias is ready to re-emerge...If the downtrend bias is to remain in play it is important to see a weekly close below 0.6575/80 in the coming one to two weeks," NAB notes.
"The past four sessions have produced multiple failures to maintain a break above key resistance levels at 0.6630/60. MT momentum continues to confirm the MT downtrend structure. ST momentum returned to a negative bias this week," NAB adds.